A tax-deferred annuity is a voluntary program adopted by employers to help their employees plan for retirement. Your tax-deferred annuity (403b) is one of the best optional retirement funding vehicles available today.

How does it work?Through payroll deduction, pre-tax dollars are invested in the account of your choice, reducing your current taxable income. Investment earnings accumulate and compound on a tax-deferred basis until you retire. The limit for deferral is currently $17,500 for employees under age 50 and $23,000 for employees age 50 and older. In 2015, these deferral limits will increase to $18,000 for employees under age 50 and $24,000 for employees age 50 and older.

Plan Administrator SignatureEmployers are required to administer plans with control and oversight. One component of this control requires employers to act as Plan Administrators and sign all transactions with vendors for loans, hardship withdrawals, rollovers, and transfers for current and past employees. In the past, no Plan Administrator signature was necessary. Current and previous SIUE employees, and in some cases their beneficiaries, need the employer's signature to complete these transactions.